08 Mar 2021
Posted in Medical Devices
Australia implantable ports market to grow at 4% CAGR through 2025, forecasts GlobalData
The implantable ports market in Australia is expected to grow at a compound annual growth rate (CAGR) of about 4% between 2020 and 2025, driven by aging population and technological advancements, forecasts GlobalData, a leading data and analytics company.
GlobalData’s report, ‘Implantable Ports (Drug Delivery Devices) – Global Market Analysis and Forecast Model (COVID-19 market impact)’ reveals that single lumen ports accounted for more than 95% of the Australian market in 2020. CR Bard was the leading player, followed by AngioDynamics Inc and B. Braun Melsungen AG. Together these companies accounted for around 75% of the Australian implantable ports market in 2020.
Minith Kumar, Medical Devices Analyst at GlobalData, comments: “Technical advancements, increasing awareness of implantable ports, ease of use and patients’ choice to opt for effective treatment methodologies are driving the demand for implantable ports.”
In addition, the implantable ports market growth in Australia is driven by increasing prevalence of cancer and availability of advanced treatment options. Improvement in technology and access to quality healthcare facilities are expected to further boost the market growth.
Mr Kumar concludes: “As the physicians consider chemotherapy as the standard for cancer treatment, increased need to control dosage of deliver drugs will drive the demand for implantable ports. Increasing focus on developing new implantable ports with advanced features for better delivery of medications will also contribute to the implantable ports markets growth in the future.”